Aug. 30, 2012--FORT WORTH -- After standing vacant and
unfinished for more than three years, a four-story building in east
Fort Worth once planned as a LaQuinta Inn & Suites is being sold to
a North Texas hotel company.

The deal follows three years of court battles, a series of
foreclosure postings and a bankruptcy filing. The 48,745-square-foot
structure at 8250 Anderson Blvd., on the north side of Interstate 30
near Eastchase Parkway, has been hit by graffiti artists and is
surrounded by a barbed-wire fence.

The property is about 75 percent completed, said Fred Waid,
the Las Vegas-based attorney who represents LaQuinta 332 Llc., an
investor group with about 60 participants, which foreclosed on the
property

"We are currently in escrow and hope to close shortly," Waid
said. He declined to name the buyer, but according to court records,
the contract is with Fort Worth Lodging Llc. in Irving, headed by
Piyush Patel. Patel could not be reached for comment on the group's
plans for the property.The buyer is "extremely experienced in hotel
development and ownership," Waid said. "This is not a flip type of
project. Whoever buys this is going to finish it and put a new flag on
it."

A Euless company, NCD Development, bought the 2.25-acre site
in February 2008 and borrowed $4.7 million from LaQuinta 332 to build
the hotel. At that time, it hired a Dallas general contractor to do the
work. The hotel was to have been completed in 270 days, according to
court records.

By May 2009, the project was halted when NCD sued the
contractor, alleging fraud, theft and breach of contract. The case
never went to trial and the two sides settled in November 2009. The
settlement was not disclosed in court filings.

But construction didn't resume and in October 2010, the lender
posted the property for foreclosure. That process was stopped when NCD
filed for bankruptcy protection. The bankruptcy was dismissed in
November 2011 and in June, LaQuinta 332 moved forward with the
foreclosure.

NCD then sued the lender, asking the court to set aside the
foreclosure and return the property.

During the past two years, OGH Hospitality in Flower Mound
paid two tax liens on the property and also attempted to foreclose on
the property. It also wanted to buy the property in a short sale, but
those negotiations never came to fruition, court records show.

Last month, LaQuinta 332 paid OGH Hospitality $278,035, what
it says was owed for the liens and interest. OGH Hospitality released
the liens on the property on Aug. 14, giving title to the original
lender, deed records show.

The lender began negotiating the sale of the property several
months ago.

"During the litigation we had numerous offers on the
property," Waid said. "It is a good parcel. We're hoping to close in
the next week or two."